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Calypso launches middle-office tool
SAN FRANCISCO – Calypso, the US technology vendor, has launched Calypso Enterprise Risk Service (ERS), middle-office risk software for FX and other asset classes.
European banks up in Q2
EUROPE – European banks have followed the trend set by their US peers, releasing a strong set of second quarter results last week.
BNP makes senior hires in institutional client group
LONDON – BNP Paribas has made two senior sales hires in its European institutional client group within fixed income in London.
Sharia-compliant FX takes off worldwide
GLOBAL – Islamic FX has become a viable alternative to conventional banking and is attracting more investment as a result, say market participants.
ICBC and BoC introduce first foreign currency funds for Chinese investors
BEIJING – The Industrial and Commercial Bank of China (ICBC) and the Bank of China (BoC) have launched the first funds in the country to invest clients' money in foreign currency.
Icap and Cfets launch joint-venture brokerage in China
LONDON & SHANGHAI – The China Foreign Exchange Trade System & National Interbank Funding Centre (Cfets) and interdealer broker Icap are to launch a joint-venture money broking business in China.
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.
Chinese officials trained by CFTC
BEIJING – Chinese regulators last week hosted a delegation from the US Commodity Futures Trading Commission (CFTC) to help it set up a regulatory regime for futures trading.
Saxo to open in Spain
MARBELLA – Danish firm Saxo Bank has continued its global expansion in 2006 with the opening of a representative office in Marbella, Spain.
Refco FX sale to Gain Capital: hearing delayed
NEW YORK – The Bankruptcy Court hearing for the sale of Refco FX Associates' (RFXA) retail customer accounts to Gain Capital has been adjourned to August 10 from July 20.
RBS enhances platform
LONDON – Royal Bank of Scotland (RBS) has enhanced its trading platform ahead of a realignment of its e-forex capabilities.
Forex trading on the rise again
GLOBAL – It has been another bumper six months for forex, according to figures published from the various global FX committees.
Further fines for fraudsters
WASHINGTON, DC – Two Miami residents have been ordered to pay a total of $8.9 million following an FX fraud action brought by the US Commodity Futures Trading Commission (CFTC).
One answer to the structural versus cyclical debate
Geoff Kendrick, senior currency strategist at Westpac in London, has developed a systematic way to generate alpha from the structural versus cyclical debate
Changing times for managing liquidity
NEW YORK – Managing and accessing liquidity in electronic foreign exchange means something entirely different now to what it did five years ago, according to Bill Hartnett, global head of forex e-commerce at Citigroup.
Difference of opinion over future of exchange
NEW YORK – Opinions remain divided on whether the market has room for an FX exchange, according to a panel on the subject at the FX Week USA 2006 conference.
Smaller banks must focus on strengths
NEW YORK – Banks outside the top bracket need to focus more on their strengths if they are to run successful FX businesses.
GFT to launch training institute
ADA, MICHIGAN – Global Forex Trading (GFT), the online currency trading firm, has enlisted CBS Morning News commentator and economist Ben Stein to launch a trading education company, Strategic Trading Institute (STI).
Banks sign up to FXMarketSpace
LONDON & CHICAGO – CME and Reuters have revealed the banks and institutions that have signed to the FXMarketSpace venture set to go live next year.
An analysis of options techniques
NEW YORK – John McAuliffe, managing director, foreign exchange options at Bank of Montreal Capital Markets, gave a framework and approach for analysing FX option structuring and trade-flow information.
Citigroup reorg for forex
NEW YORK – Citigroup has made a number of changes to FX senior management and taken on staff, as it seeks to increase its market share.